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BONDS: EGBs-GILTS CASH CLOSE: Broad Weakness Ahead Of Euro CPI, UK Budget

BONDS
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European yields rose Tuesday, with a second consecutive session of Gilt underperformance vs Bund.

  • Most of the session's weakness came overnight, led by Bunds after they had strengthened Monday - but  there was no clear trigger for the move.
  • Much lower than expected US job openings data saw a global core FI rally in early Europeaan afternoon trade,but the impact eventually reversed as potentially mitigating factors such as hurricane effects were considered (and US consumer confidence came in strong).
  • The European data calendar was relatively light: The UK saw growth in loan approvals alongside a softening in mortgage rates in September, though consumer credit remains dampened.
  • The UK and German curves bear steepened through the 10Y segment, with 30Y instruments outperforming. Periphery EGB spreads were slightly wider, led by Italy and Greece.
  • The UK budget release is Wednesday's highlight - MNI's Preview is here  (link). Also garnering attention will be the start of the Eurozone October flash inflation round with Spain and Germany (MNI's Preview is here - link), as well as the first read of Q3 eurozone GDP.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

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European yields rose Tuesday, with a second consecutive session of Gilt underperformance vs Bund.

  • Most of the session's weakness came overnight, led by Bunds after they had strengthened Monday - but  there was no clear trigger for the move.
  • Much lower than expected US job openings data saw a global core FI rally in early Europeaan afternoon trade,but the impact eventually reversed as potentially mitigating factors such as hurricane effects were considered (and US consumer confidence came in strong).
  • The European data calendar was relatively light: The UK saw growth in loan approvals alongside a softening in mortgage rates in September, though consumer credit remains dampened.
  • The UK and German curves bear steepened through the 10Y segment, with 30Y instruments outperforming. Periphery EGB spreads were slightly wider, led by Italy and Greece.
  • The UK budget release is Wednesday's highlight - MNI's Preview is here  (link). Also garnering attention will be the start of the Eurozone October flash inflation round with Spain and Germany (MNI's Preview is here - link), as well as the first read of Q3 eurozone GDP.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

Keep reading...Show less